It would seem it is the time to break free from the Turkish Lira at least according to the technical analysis with the surprising cut in interest rates that has stunned the market. The 1-year rate of change has fallen below the fateful threshold of -12% (vertical bars show us what happened next), the bullish trend line is centred in the middle of a market reaction that has clarified the intentions of bulls and finally the rise began in 2012 has stopped on the 61.8% of retracement. This “golden” percentage of Fibonacci has interrupted the fall of EurTry also in 2010-2011, a representative level at 2.60 also for the tops of 2011. Above 2.90 we would have the final confirmation of the trend reversal that would recommend the definitive dismantling of positions in Try (graphic source: Metastock).
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